Deal numbers

A cap rate estimate is not available for this property yet. Ask Alex for a pro forma using comparable rent data.

Property details

Bedrooms

9

Building size

7,532 sqft

Lot size

7,502 sqft

Year built

1957

Stories

2

Style

Mid Century Modern

Heating

Wall Furnace

Pool

None

View

None

Status

Active

Days on market

68

MLS #

245679819

About this property

Our team is pleased to present 3722 Mentone Ave, a well-maintained 9-unit apartment building situated in the heart of the Palms neighborhood, one of the most centrally located and tightly held rental submarkets on the Westside. The property delivers strong in-place income at a 6.36% going-in cap rate while offering a clear and executable path to a 7.81% market cap rate as below-market units naturally turn over, presenting a rare combination of reliable day-one cash flow and meaningful long-term upside. || The building offers a diverse and desirable unit mix of 1 (Studio/1BA), 4 (1BD/1BA), 3 (2BD/1BA), and 1 (3BD/2BA) across two stories, appealing to Palms' broad renter base of young professionals, couples, and shared households. The property has been consistently well maintained under long-term ownership with strong management in place, reflecting a pride of ownership that is evident throughout the asset and contributing to historically stable occupancy and low tenant turnover. || The property currently has one vacancy, and projected gross rents of $19,430 per month reflect a realistic stabilized income figure once the unit is leased. Approximately 23% in NOI upside remains available as remaining below-market units are brought to market rate through turnover and renovation over time. || Centrally positioned with walkable access to neighborhood dining, retail, parks, beaches, and the Metro E Line, the property offers exceptional connectivity to Culver City, Mar Vista, Mid-City, Santa Monica, and the broader Westside employment base, including major tech and entertainment employers. Residents also benefit from proximity to Sony Pictures Studios, Culver Center Shopping Mall, Veterans Memorial Park, and the weekly Palms Farmers Market, creating a dynamic and highly sought-after residential environment. || For investors looking to establish or grow a Westside multifamily portfolio, 3722 Mentone Ave represents a compelling opportunity to acquire a well-positioned, cash-flowing asset with genuine upside remaining in one of Los Angeles' most desirable and supply-constrained submarkets.

Location

3722 Mentone Avenue

Los Angeles, Los Angeles, CA, 90034